South Atlantic Bank reports third quarter earnings
October 17, 2019
South Atlantic Bancshares, Inc., parent of South Atlantic Bank, reported net income of $4.8 million, or $0.63 per diluted share, for the nine months ended September 30, 2019, compared to $2.1 million, or $0.29 per diluted share, reported for the same nine-month period in 2018. Net income for the three months ended September 30, 2019 was $1.7 million, or $0.22 per diluted share, compared to $1.3 million or $0.18 per diluted share, reported for the same three-month period in 2018. Net income increased 129.3 percent for the nine months ended September 30, 2019 compared to the same nine-month period in 2018.
Financial Highlights
- Return on average equity was 7.72 percent for the nine months ended September 30, 2019, compared to 3.96 percent for the nine months ended September 30, 2018.
- Return on average assets was 0.92 percent for the nine months ended September 30, 2019, compared to 0.47 percent for the nine months ended September 30, 2018.
- The net interest margin, taxable equivalent, was 4.21 percent for the nine months ended September 30, 2019, a 5 basis point decline from the same nine-month period in 2018.
- Total loans grew 9.3 percent year-over-year, from $512.5 million at September 30, 2018 to $560.3 million at September 30, 2019.
- Total deposits grew 16.1 percent year-over-year, from $527.2 million at September 30, 2018 to $612.1 million at September 30, 2019.
- Total assets grew 15.6 percent year-over-year, from $617.8 million at September 30, 2018 to $714.2 million at September 30, 2019.
- Asset quality continues to be pristine with non-performing assets to average total assets at 0.07 percent as of the three-month period ended September 30, 2019.
About South Atlantic Bancshares, Inc.
South Atlantic Bancshares, Inc. (OTCQX: SABK) is a registered bank holding company based in Myrtle Beach, South Carolina with $709 million in total assets. The Company’s banking subsidiary, South Atlantic Bank, is a full service financial institution spanning the entire coastal area of South Carolina, and is locally owned, controlled and operated. The Bank operates nine offices in Myrtle Beach, North Myrtle Beach, Murrells Inlet, Pawleys Island, Georgetown, Mount Pleasant, Charleston, Bluffton and Hilton Head Island, South Carolina.
